Wall Street Today | JPMorgan's Jamie Dimon Warns U.S. Likely to Tip into Recession in 6 to 9 Months

Fed Vice Chairwoman Lael Brainard noted how previous rate increases, together with anticipated further rate increases, will slow the economy in ways that can't be observed yet during a speech Monday. Earlier Monday, Chicago Fed President Charles Evans said under his current outlook for the economy, it would be appropriate for the central bank to pause rate increases at slightly more than 4.5% by next March and then to assess how the economy was reacting.
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$JPMorgan(JPM.US)$ CEO Jamie Dimon on Monday warned that a "very, very serious" mix of headwinds was likely to tip both the U.S. and global economy into recession by the middle of next year. Dimon said the benchmark could yet fall by another easy 20% from current levels, adding that the next 20% would be much more painful than the first.
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Demand for personal computers is sliding at the fastest pace in decades after elevated pandemic-related sales were followed by a slowdown in consumer spending on electronics. Worldwide shipments in the third quarter dropped 19.5% from a year ago, marking the steepest decline in more than two decades, according to data from research firm Gartner.
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Shares of $Rivian Automotive(RIVN.US)$ fell 7% on Monday after the electric vehicle maker said late Friday that it is recalling more than 12,000 vehicles – nearly every EV it has made to date – to double-check that a fastener in the vehicles' steering assembly was properly tightened.

$Digital World Acquisition Corp(DWAC.US)$, the shell company set to take Trump Media and Technology Group public, on Monday again adjourned an important shareholder meeting, this time until early next month.

In the latest market commentary from Cathie Wood's firm ARK Investment Management, Wood pens an open letter to the Fed expressing concern that the central bank is making a policy error with its rapid rate hikes. $ARK Innovation ETF(ARKK.US)$
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Elon Musk alleges $Twitter (Delisted)(TWTR.US)$officials ordered a whistle-blower to destroy evidence of their missteps as part of a $7.8 million severance package at issue in a legal fight over the billionaire's attempt to cancel a buyout of the social-media platform. Allegations come after Musk agreed to $44 billion Twitter buy.